AN EXAMINATION OF THE EFFECTIVENESS OF CORPORATE PLANNING IN THE MANAGEMENT PROCESS (A CASE STUDY OF DIAMOND BANK PLC)
ABSTRACT
The Nigerian business environment is so volatile that only those who can successfully scan it, forecast the potential charges in it, and then marshal all available resources in accordance with the dictates and demands of the environment can operate successfully in it.
The purpose of this project is to assess and examine the effectiveness of corporate planning as a management process, as well as to assess its contribution as a catalyst to the organization’s survival, growth, and profitability.
The research looked into the development and implementation of corporate plans within the organization. It demonstrated how consultations, deliberations, and the conditions for effective planning were properly addressed. The project work also demonstrated the importance of effective corporate planning for management functions such as organizing, staffing, coordinating, reporting, leading, and budgeting.
Diamond Bank’s planning dynamic was evaluated. The evolution, implementation, success, and benefits of corporate planning in the banking industry were all discussed. The findings demonstrated that Diamond Bank’s corporate planning and implementation processes are quite impressive. Workers embrace it, fully contribute to its success, and demonstrate loyalty and commitment to the plan. Management, in turn, motivates and effectively communicates with them.
This final planning is greatly assisting the bank in maintaining its competitive edge in the country.
TABLE OF MATERIALS
CHAPTER ONE
1.1.1 Introduction
1.2 Research Background
1.3 Problem Identification
1.4 Study Objective
1.5 Research Concerns
1.6 Hypothesis Statement
1.7 Definition of Unfamiliar Terms/Concepts
1.8 The Study’s Scope
1.9 Importance of the Research
REFERENCES
CHAPTER TWO
REVIEW OF LITERATURE
Diamond Bank Plc’s Historical Background
2.1 Corporate Planning Fundamentals
2.2 Planning and Intuition
2.3 Planning Manuals
2.4 Climate Preparation
2.5 Planning Responsibilities
2.6 Planning Principles
2.7 Planning Theories
2.8 Planning Methodologies
2.9 The Planning Methodology
2.10 Formal Corporate Planning Approaches
2.11 Planning for Operations
2.12 Planning Forecasting Techniques
2.13 Programming in the Medium Range
2.14 The Benefits AND Drawbacks of Corporate Planning
2.15 Strategic Thinking
2.16 Process of Planning and Management
2.17 Business Organization Concept
2.18 Corporate Strategy Meeting Today’s Demand
2.19 The Importance of Corporate Planning
2.20. The Effect of Strategic Planning on Financial Performance
2.21 The Banking Strategic Planning Process
2.22 Financial Institution Planning: The Case for Awareness
2.23 Objective-Based Management
2.24 Planning Obstacles
2.25 A Common Issue in Strategic Planning
2.26 Corporate Planning Issues in Nigeria
2.27 Barriers to Effective Strategic Plan Implementation
2.28 Strategic Planning Pitfalls
2.29 Chapter summarization
REFERENCES
CHAPTER THREE
METHODOLOGY OF RESEARCH
3.0 Getting Started
3.1 Reiteration of Research Questions and Hypotheses
3.2 Population Investigation
3.3 Research Methodology
3.4 Instrument for Data Collection
Administration of Data Collection 3.5
3. 6 Data Analysis Methods
3.7 Methodology Limitations
CHAPTER FOUR
DATA PRESENTATION, ANALYSIS, AND DEBATE
Introduction (4.1)
4.2 Rate of Reaction
4.3 Description of the Subject
4.4 Information on the Corporate Planning and Management Process
CHAPTER FIVE
RECOMMENDATIONS, CONCLUSIONS, AND SUMMARY
5.1 Findings Synthesis
5.2 Final Thoughts
Recommendations (5.3)
BIBLOGRAPHY
QUESTIONNAIRES
CHAPITRE ONE
1.1 General Introduction
Corporate planning is the process of determining what should be done in general and in detail to achieve specific objectives, purposes, or goals. It is done at the corporate level and covers the entire organization, paying close attention to the various departments, sections, divisions, and branches that make up the organization.
Corporate planning, also known as strategic planning, is a tool used by management to aid in strategic decision-making. Thus, the goal of strategic planning is to achieve a sufficient process of innovation and change within the firm. It is a process that a company goes through to plan out what needs to be done and, to a large extent, how to do it. This greatly simplifies the manager’s task and allows him to make the best use of time, manpower and equipment, facilities, and money.
Corporate planning is a systematic study designed to assist in determining the of any organization. It is also a determined effort to achieve the desired target and required effort to achieve the desired target as well as examine the likely constraints and devise a plan to achieve a set of objectives.
Corporate planning is done on a long-term basis and involves an integrated approach to all aspects of the company’s activities by treating the company as a corporate entity where all of the different branches, departments, and units that comprise the organization are collectively cared for rather than a collection of separate outfits.
Any activity that does not aid the firm’s strategic decision making is not corporate planning, even if it appears to involve many of the “right” elements of planning, such as an elaborate five-year plan, which frequently does not influence strategic decision making aids.
Effective corporate planning does not need to be elaborated or complicated; rather, it must be logical and focused on the strategic decision that will be made (Lorange, 1980).
The study of the environment in which the organization operates is a critical component of corporate planning. This type of research will look at the past, the present, and what the future holds. The ultimate goal of the process is to match
the company’s strengths and weaknesses with environmental opportunities and threats in order to complete favorably and efficiently in the environment, which will lead to the achievement of the organization’s objectives and goals. There are two major components to corporate planning. They are operational and strategic planning, respectively.
Operational planning is concerned with the day-to-day operations of the business and is carried out in functional areas such as production planning, marketing planning, financial planning, manpower planning, and so on. It also includes single-use plans, which are created to achieve a specific goal and then discarded once the goal has been met, for dealing with recurring and predictable situations.
Strategic planning, on the other hand, is the process of determining an organization’s goals as well as the methods required to ensure that policies and programs are implemented. It is the formal process of determining long-term goals and determining how to achieve them.
Corporate strategic planning is a decision-making pattern in a company that determines and reveals its objectives, purpose, or goals, as well as the primary policies and plans for achieving these goals and defining the range of business the company is to pursue, the type of economic and human organization it is or intends to be, and the nature of economic and non-economic contributions.
It plans to make contributions to its shareholders, employees, customers, and communities. It is the type of plan that includes both a time frame and a strategic formulation. It is a long-term strategy with at least a three-year time horizon. It is also a clever device with the potential for long-term evolution in the creation of additional resources that will facilitate and
accelerates the achievement of long-term goals and allows the organization to gain some relative advantages over its current position and competitors
Corporate strategic planning consists of the following nine steps (Steiner, 1979):
1. Goal formulation and mission and objective selection
2. Determination of current goals and strategies.
3. Examine the environment.
4. Corporate evaluation or resource analysis
5. Recognize strategic opportunities and threats.
6. Determination of the scope of the strategic change required.
7. Strategic and decision-making abilities.
8th. Strategic execution.
9. Process of strategic measurement and control,
As a result of the foregoing, strategic planning is defined as the formalized long-term planning process used to define and achieve organizational goals. It provides consistent guidelines for the organization’s activities and assists managers in identifying risky and safe opportunities and choosing between them.
It also reduces the possibility of errors and unpleasant surprises because goals, objectives, and strategies are subjected to careful scrutiny and are less likely to be faulty and unworkable. Thus, strategic planning should be included in any planning process because it deals with the long-term and fundamental nature of business and provides an overall framework for the business.
It addresses the organization’s goals and defines the strategies and policies to achieve them, as well as developing detailed plans to ensure that the strategies are implemented to achieve the desired outcome. Strategic planning establishes the framework, while operational planning translates everything into current and day-to-day activities and takes off from there. They both complement each other and stem from the company’s corporate planning process.
organization. As a result, corporate planning is essential and fundamental to the discharge of management functions, as well as critical to the achievement of its goals and objectives. It is frequently argued that management without planning is ineffective and pointless.
This is because management can recognize and appreciate its potentials, scan its environment, and employ resources wisely through planning. Management functions such as planning, organization, coordinating, leading and directing, controlling, staffing, motivating, and budgeting are all interconnected regardless of the manager’s abilities. It is thus especially telling that these activities are part of corporate planning.
This is due to the fact that before managers can organize, lead, coordinate, and motivate. They must create plans that give the organization purpose and direction, deciding what needs to be done, how it should be done, and who will do it.
In order to strongly influence an organization’s survival and growth in today’s frequently volatile environment, managers must engage in corporate planning, which defines fundamental goals and objectives in specific terms, determines the means to achieve them,
provides a basic long-term framework into which other forms of planning can fit, and all of these actions are based on some method, plan, or logic, rather than on a bunch. This undoubtedly enables it to carry out the management function of effectively and efficiently organizing, staffing, directing, coordinating, and controlling.
1.2 Research Background
Nigerian business is so volatile that only those who can successfully scan it, forecast potential changes in it, and then apply all available resources in accordance with the dictates and demands of the environment can operate successfully in it. The research looked into the corporate plan and its implementation within the organization.
It demonstrated how consultations, deliberation, and the conditions for effective planning were properly addressed. The study also demonstrated the importance of effective corporate planning on management functions such as organizing, staffing, coordinating, reporting, leading, and budgeting. Diamond Bank’s planning dynamics were evaluated.
The bank’s corporate planning evolution, implementation, success, and benefits were discussed. The findings revealed that Diamond Bank’s corporate planning process implementation is quite impressive. Employees embrace it, contribute fully to its success, and demonstrate loyalty and commitment to the plan. Management, in turn, motivates and effectively communicates with them.
1.3 Problem Description
Corporate planning is a formal, systematic managerial process organized by responsibility, time, and information to ensure that management carries out operational planning, project planning, and strategic planning in order to direct and control the enterprise’s future.
Making decisions is also part of the planning process. The process of becoming and deciding on a course of action to solve a specific problem. This can be done at any time during the planning process. There is also a close relationship between planning and controlling; control cannot occur without a plan.
As a result, control compares actual information about what is actually happening during the implementation of a plan with the budget. Corporate planning determines how human and material resources are coordinated, the number of people to be hired, the type of equipment to be used, and the quality and quantity of other resources required to achieve organizational goals.
So, having said that, one can appreciate the rationale for corporate planning and expect many organizations to take it seriously. The unfortunate reality in Nigerian organizations is that only large organizations and multinational corporations engage in corporate planning, while small and medium-sized businesses do not [Adegbite, 1986].
This resulted in fierce competition, and most businesses saw a steady decline in sales and profit [Bello and Lyanda, 1981]. These changes were primarily the result of the country’s political, social-cultural, economic, historical, and technological context. Many changes have occurred in the organizational environment as many governments attempt to manage the activities of given economies through the implementation of various fiscal and monetary policies.
As a result, organizations that were unable to participate in and plan for these changes eventually failed. As a result, these organizations began to recognize the need for a corporate plan that will effectively address these changes. Most importantly, the country’s political insecurity, which has resulted in and continues to result in frequent changes of regime from time to time, makes meaningful planning a difficult task due to the unpredictability of the environments.
These are closely related to:
i. A lack of management commitment to planning.
ii. Environmental changes that are rapid.
iii. Uncertainty about long-term government policies and legislation.
iv. Over-reliance on the budget; companies wait and are practically at a standstill until the budget is read.
v. The volatile nature of the economy and excessive government intervention in the private sector.
vi. A lack of coherence in general policy and inconsistency in policy implementation by the government. Olukunle Iyanda (Olukunle Iyanda, 1988). All of this makes planning in Nigeria a difficult task.
1.4 Study Objective
The study’s goal is to evaluate the effectiveness of corporate planning as a management process, as well as its contribution as a catalyst to the organization’s survival, growth, and profitability. The goal is primarily to evaluate the following aspects of corporate planning:
1. Strategic planning, procedure, and implementation
2. Operational planning and its sub-components, such as single-use plans and standing plans.
The research will look into the development and implementation of corporate plans within the organization.
It will highlight how consultations, deliberations, and conditions for effective planning are properly addressed. It will also demonstrate how management functions such as organization, staffing, coordinating, reporting, leading, and budgeting rely on the effectiveness of the discharge of these functions on corporate planning. Thus, the pitfalls in the Nigerian business environment will be highlighted, as well as suggestions for how to improve the situation.
The planning dynamic in the chosen organization will be evaluated. The evolution, success, and benefits of corporate planning in the organization will be discussed. This will help to motivate and encourage other companies that have yet to embrace the practice, as well as persuade them that the successful discharge of management functions in order to achieve that set of goals, objectives, and purposes is dependent on the adoption and implementation of a corporate plan.
1.5 Research Concerns
1. Does corporate planning result in the accomplishment of organizational goals and objectives?
2. Does it provide a framework for making decisions and allocating resources?
3. How can corporate plan affect organization culture?
4. How can corporate plan affect organization structure?
5. How involved and motivated are workers in the process?
6. How influential are information systems, organizational politics, and forecasting techniques on corporate planning?
7. Is technical qualitative method techniques used in corporate planning?
8. How can corporate planning and budgeting be integrated effectively?
9. Does corporate planning have a significant impact on the management process?
1.6 Hypothesis Statements
1. Ho: Corporate planning does not result in the accomplishment of organizational goals and objectives.
Hi: Corporate planning results in the accomplishment of organizational goals and objectives.
2. Ho: It lacks a framework for decision-making and resource allocation.
Hi: It provides a framework for making decisions and allocating resources.
3. Ho: Corporate planning has no influence on organizational culture.
Hi: Corporate planning can have an impact on organizational culture.
4. Ho: Corporate planning does not involve and motivate employees
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AN EXAMINATION OF THE EFFECTIVENESS OF CORPORATE PLANNING IN THE MANAGEMENT PROCESS (A CASE STUDY OF DIAMOND BANK PLC)
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